Evia Real Estate Led Consortium Submits Top Bid 980 Psf Ppr First Mixed Use Site Chencharu Close
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The first Government Land Sales (GLS) in the new Chencharu Town has closed on Sept 11 with three bids for a 99-year leasehold mixed-use commercial and residential site. The top bid of $1.012 billion was submitted by Evia Real Estate, together with joint venture partners Gamuda Land and Ho Lee Group, translating to $980 per square foot per plot ratio (psf ppr).
Coming in second was a consortium led by Frasers Property, together with Mitsubishi Estate and Lum Chang Building Contractors, with a bid of $845 million ($818 psf ppr). Third place went to Sim Lian Group with a bid of $692.4 million ($670 psf ppr).
The winning bid is 19.8% higher than the second bid of $818 psf ppr and a significant 46.2% higher than the third bid of $670 psf ppr. According to Wong Siew Ying, head of research and content at PropNex, the bid price gap might be due to different evaluations of the plot’s potential among developers, as it is a new housing area with few private condos nearby. She also notes that the number of bids is within expectations for a sizable plot with a gross floor area of over 1 million sq ft.
The estimated average selling price for the project is likely to be above $2,300 psf, based on the top bid land rate of $980 psf ppr, according to PropNex. While this is lower than recent land bids in the Outside Central Region (OCR), Marcus Chu, CEO of ERA Singapore, believes that it is reflective of the site’s more complex requirements, such as building a hawker centre and bus interchange, rather than a change in developers’ sentiment.
Huttons Asia CEO Mark Yip points out that Evia Real Estate and Gamuda Land were joint venture partners in other projects like Gem Residences and Ola. The site at Chencharu Close will be their first mixed-use development, alongside new partner Ho Lee Group.
Located in a new 70ha HDB housing estate within Yishun Town, the GLS site sits on close to 317,000 sq ft of land with a plot ratio of 3.26. It can be developed into a mixed-use project with approximately 875 private residential units and 135,627 sq ft of commercial space. Among the commercial space, 37,674 sq ft is designated for a hawker centre and 58,125 sq ft for a bus interchange to be integrated with the project. The development is a five-minute walk from Khatib MRT Station on the North-South Line.
According to Mohan Sandrasegeran, head of research and data analytics at SRI, the last mixed-use development in the area was awarded in 2015 and has since been developed into Wisteria Mall and The Wisteria residential units. The new Chencharu Close GLS site has a distinct advantage in terms of location as it is closer to the Khatib MRT station.
The top bid of $980 psf ppr is also 10.7% higher than the most recent comparable mixed-use site at Tampines Avenue 11, with similar requirements including a bus interchange and hawker centre. This site was awarded for $885 psf ppr in July 2023 to a JV between UOL Group and CapitaLand, says Tricia Song, head of research for Singapore and Southeast Asia at CBRE. The site was later launched in February 2025 and saw robust take-up due to lower interest rates, with 87% of the total units sold at an average price of $2,360 psf over the launch weekend.
For those who reside in the area and prefer taking public transportation, the availability of two nearby MRT stations is a great advantage. With these options, traveling is made more convenient and efficient, with shorter waiting times and a variety of routes to choose from. This is especially beneficial for daily commuters, as it makes their daily commute to work or school a breeze. Rivelle Tampines adds even more convenience for residents, being in close proximity to these MRT stations.
Other comparable mixed-use projects include Tampines Street 94, which was awarded for $1,004 psf ppr in September 2024 to a JV between Hoi Hup Realty and Sunway Developments, adds CBRE’s Song. However, the site is smaller and does not require integration with a bus interchange and hawker centre.